Spot Gold Technical Analysis: Five-wave cycle completed, target points to the $4,320–4,351 range
智通财经2026/08/31 04:41- From a technical perspective, spot gold may further expand its downside, targeting the range of $4,320 to $4,351 per ounce. The wave pattern indicates that the five-wave upward cycle that started from the July 29th low of $3,995 was completed at the August 24th high of $4,696, with the subsequent deep pullback confirming this judgment.
- The bottom of Wave 4 is located at $4,324, which serves as the initial target. Fibonacci projection analysis of the rally starting from $3,959 shows that the 138.2% and 150% extension levels converge in the $4,320 to $4,351 region, making it the current main target range. Deeper projection analysis marks the secondary target range at $4,278 to $4,310.
- Resistance lies at $4,444 above. If the gold price breaks through this level, a short-term rebound to the $4,476 to $4,495 range may be triggered. However, on the daily chart, the pullback from the $4,696 high is already quite deep, making it hard to classify as a simple retest and more likely indicating a greater adjustment is underway.
- The current pullback is either a deep correction toward the $4,011 to $3,945 range (the trough of Wave b) or it signals that the larger downtrend, which started from the $5,596 high, is continuing. Operationally, as long as the price remains below $4,444, the short-term bearish structure remains dominant; if it continues to break below $4,351, attention should turn to the support strength in the secondary target range of $4,278-$4,310.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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